Successfully Completes Bankable Feasibility Study for Mine Expansion in Mokanji, Sierra Leone, and Commences Groundwork Activities

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[Mokanji, Sierra Leone] – [5 April, 2024] – Sierra Mineral Holdings I Limited (Sierra Mineral) is pleased to announce the successful completion of the Bankable Feasibility Study (BFS) for its mine expansion project in the Mokanji area. This milestone not only confirms the project’s economic viability but also marks the commencement of groundwork activities, setting the stage for future construction and development.

The BFS underscores the technical and financial feasibility of the Mokanji mine expansion, which is poised to deliver significant economic returns, benefit local communities, and contribute to Sierra Leone’s sustainable development. Ground preparation has already begun on the project site, signifying tangible progress toward transforming this vision into reality.

Groundwork Activities Underway

In parallel with the BFS completion, Sierra Mineral has initiated preliminary groundwork, including site clearance and leveling, to ensure the project remains on track. These activities are creating immediate employment opportunities for local residents, prioritizing their involvement in the project’s early stages.

Economic Returns

The Mokanji expansion project is projected to generate significant economic growth, including increased mineral exports and local procurement. The project will create 1000 direct jobs and an estimated 3000 indirect jobs through associated industries. Once operational, the mine is expected to contribute USD 10 million to Sierra Leone’s annual GDP.

Local Community Benefits

Sierra Mineral remains dedicated to fostering development within the Mokanji community through:

  • Employment Opportunities: Focused on hiring and training local residents.
  • Infrastructure Development: Investments in roads, schools, and healthcare facilities.
  • Support for Local Businesses: Strengthening the local economy through partnerships with small enterprises.

Commitment to Sustainability

Sustainability is integral to the Mokanji mine expansion. The project adheres to the highest environmental and social standards, including:

  • The use of renewable energy solutions and energy-efficient practices.
  • Rigorous environmental monitoring to minimize impact.
  • Comprehensive community engagement programs.

“The groundwork we’ve started is just the beginning,” added General Manager Alex Ivanov. “We are committed to building not just a mine, but a foundation for shared prosperity, environmental stewardship, and long-term sustainability in Sierra Leone

Next Steps

With groundwork underway and the BFS complete, Sierra Mineral will focus on obtaining permits and advancing toward construction, which is anticipated to begin in 2025. First production is expected by end of 2026.